货币政策产业效应的双重非对称性研究——基于STVEC模型的非线性分析

A Nonlinear Analysis of the Monetary Policies' Dual-Asymmetric Effects on Industries: Based on STVEC Model

在不同经济状态下同一产业对货币政策具有相同反应的假设,本文建立非线性STVEC模型和广义脉冲响应函数,研究货币政策产业效应的双重非对称性,并将金融加速器研究拓展到产业层面。首先,我国货币政策对同一产业的影响在不同经济状态下表现非对称性,对各产业的影响中存在金融加速器效应。其次,在相同经济状态下,货币政策对不同产业的影响也表现出明显的非对称性,主要原因是不同产业在要素密集度和企业类型分布等方面存在差异。

Releasing the assumed linearity i.e. the same influence of monetary policy on the same industry in different economic state in the prior related research, the paper constructs STVEC model and generalized impulse response functions to study the dual - asymmetric effects of monetary policies on industries. Meanwhile, the related research of financial accelerator is stretched to industrial layer. Firstly, the asymmetric effects and financial accelerator effects exist in monetary policies on the same industry in different economic states. Secondly, there are marked asymmetric effects in the monetary policy acting on the deferent industries in the same economic state, mainly because of the heterogeneity of factor density and enterprise type distribution in the different industries.